With great prices means an even greater opportunity to save on your home loan.

What are your best options to get flexible and affordable home loan in Tasmania – especially when you are new to the state?

Porting over your old home loan to a new dwelling

Porting, or moving your existing home loan to a new property is common for many homeowners. Many modern home loan packages are portable “by design,” meaning they have portability as a standard option. This is a sound financial move, as it helps you avoid upfront costs – some banks or lenders may penalise you for paying out a loan early, or impose new fees when taking out a new home loan product.

Refinancing to use your existing property as an investment

If you have been paying off your mortgage for at least three years and have equity in your home, you may have the opportunity to refinance your home loan. This could mean getting a better interest rate, or allowing access new features such as an offset account.

Other refinancing options may give you lower fees, or a redraw facility. One option is to refinance your current home loan to buy property in Tasmania, while keeping your current property as an investment. This way the rent coming in from your “old” home will supplement your income and essentially offset your repayments over time.

Top tip: Buying property in winter or Christmas

According to University of South Australia researcher Peter Rossini, the best time to buy property is in winter or Christmas. During March to May, property listings increase and the market skews towards sellers. There is higher demand among buyers, as they have usually committed to buying in the New Year. This increases competition and drives up prices.

During wintertime, listings are in decline, and buyers have more sway over the market. There is also 1% decrease in property prices. This means better discounts for buyers.

Top tip: buying from institutions Tasmanians trust

Before you buy any property in Tasmania, you should make sure you are buying from an agent, property manager or auctioneer registered with the state Property Agents Board, acting on behalf of the Tasmanian State Government.

All agents must comply with a code of conduct. 95% of real estate professionals in Tasmania are members of the Real Estate Institute of Tasmania, which upholds standards of professionalism and expertise. It can save you a lot of trouble!

This article is an advertorial, written by Savvy Finance. We thank them for the information provided and for their support of Settled In and the Move to Tasmania blog.